What is a cryptocurrency wallet?

On a practical level, a cryptocurrency wallet is a device or program that is used to send and receive cryptocurrencies and digital assets. The term wallet can be a little confusing for people new to crypto. A physical wallet is used to store physical currency, however a crypto wallet does not store cryptoassets within it. How can this work?

Well, most people already have something similar to this in their physical wallets right now: a debit card. The debit card in your wallet is not money, but it does grant you access to your money. This is similar to how a crypto wallet works, with a key difference being that while a debit card is controlled by a centralized entity (a bank), no person or organization controls crypto. This difference means that crypto wallets must function somewhat differently than bank accounts.